Zerodha, Groww, Angel One, Upstox Get Nod Enabling Users To Buy US Stocks: Report
Top Indian brokers Zerodha, Groww, Angel One, and Upstox have received regulatory approval to offer international and US stock investing via GIFT City. The services will be launched within two to three months.
Intelligence analysis by Llama 3.3 70B
Four top retail brokerages have been granted approval to offer investors the option to buy international and US stocks from GIFT City, with Zerodha and Upstox functioning as broker-dealers and Groww and Angel One operating under the GAP framework.
Imagine you want to buy stocks from companies in the US, but you live in India. Now, some big Indian companies like Zerodha and Groww have gotten permission to help people in India buy US stocks, making it easier for them to invest in international markets.
Analysis
Regulatory Approval and Frameworks. The International Financial Services Centres Authority (IFSCA) has granted approval to Zerodha, Groww, Angel One, and Upstox to offer international and US stock investing via GIFT City. This approval is significant as it allows Indian retail investors to diversify their portfolios and gain direct exposure to international markets. Zerodha and Upstox will function as broker-dealers, while Groww and Angel One will operate under the global access provider (GAP) framework. The GAP model offers a lower-cost, regulated pipeline for cross-border retail capital, notably allowing zero withdrawal fees when investors bring their funds back to India. ## Market Demand and Trends. The demand from Indian retail investors seeking direct exposure to international markets is driven by a desire to hedge domestic concentration, access global technology megatrends like AI and semiconductors, and diversify geographical risk. This past week saw the mega $75 Bn IPO of SpaceX, which triggered a 20-25% surge in trading volumes on platforms that allow users to invest in US stocks. US-based AI giants Anthropic and OpenAI have also filed to go public in the US later this year. Additionally, while the US’ Nasdaq index is said to have delivered over 40% returns in the last year, Indian markets have remained muted due to a depreciating rupee. ## Impact on Indian Retail Investors. The entry of these four major players is expected to scale Indian retail investors’ access to global equities under a unified regulatory framework. As per the NSE data from May 31, 2026, Groww is the leading retail brokerage in India with over 1.3 Cr active users, followed by Zerodha with 68.5 Lakh users and Angel One with 66.8 Lakh users. Upstox is in fifth position with 19.2 Lakh users. The launch of international investing features will take around two to three months while the platforms iron out the technology and compliance and test all the aspects.
Key points
- Zerodha, Groww, Angel One, and Upstox have received regulatory approval to offer international and US stock investing via GIFT City
- The services will be launched within two to three months
- Zerodha and Upstox will function as broker-dealers, while Groww and Angel One will operate under the GAP framework
The approval of these four top brokers to offer US stock investing could lead to increased participation of Indian retail investors in international markets, potentially driving growth and diversification of their portfolios. This could also lead to increased competition and innovation in the Indian brokerage industry, benefiting investors with better services and lower costs.
The launch of international investing features may be delayed due to technological and compliance issues, and the costs associated with investing in US stocks may be higher than expected, potentially deterring some Indian retail investors from participating. Additionally, the risks associated with investing in international markets, such as currency fluctuations and regulatory differences, may also pose challenges for Indian investors.
